I'm a huge fan of the one shot approach but I don't really see it as a way of cutting corners. Generally I think it means more a need for more hours/talent from art department, director and actors (and it's been suggested DOP) in order for it to work. Your more likely to find this kind of approach in the output of pretty non-commercial but incredibly talented directors. As well as the obvious ones (Ozu, Bresson) there are a few folk continuing this way of filmmaking today, notably Zhang Ke Jia, Hou Hsiao Hsien, Theo Angelopoulos and Tsai Ming Liang. Check out "What Time is Is There". I can't think of a single scene where "coverage" even comes into it.